Starbucks CEO Cuts Stake to 2.4% From 2.6%

Howard Schultz sold 1 million shares of the cafe giant near a multiyear high.

Cafe giant Starbucks is once again headed toward a multiyear-high stock price and Chief Executive, Chairman Howard Schultz celebrated by conducting his first nonoptions-related sale in over eight years.

On March 5 and 6, Schultz sold 1,000,000 shares of Starbucks (ticker: SBUX) for $57,126,770, an average of $57.13 each. He now directly holds 18,580,169 shares, a stake of 2.4%, down from 2.6%. Schultz additionally holds 295,000...